Commodities prices are expected to continue rising due to a structural upward shift in demand, marking a potential 'Supercycle.' Analysts highlight the transition to green energy, government stimulus packages, and post-pandemic demand as key drivers. The European Central Bank is monitoring inflation, which is currently at 3% in the Euro area but is considered transitory. The Supercycle is likely to impact renewable energy development, electric vehicle adoption, and data infrastructure expansion, increasing demand for various industrial and precious metals.

Russian tech giant Yandex plans to start testing autonomous taxis in Moscow this year, with the initial launch in the Yasenevo district. Yandex has been developing self-driving technology for over three years and operates in Russia, Israel, and the United States. The company aims to expand the service over time. Current Russian legislation restricts driverless vehicles, but changes may allow broader use. Yandex's fleet has traveled over 14 million kilometers, and the company also uses self-driving robots for food delivery in the U.S. Yandex recently increased its stake in joint ventures with Uber as part of a $1 billion deal.

Bitcoin rose to $51,709, marking an 81% increase from its January low, while Ethereum's ether reached $3,932, up 40% in the past three months. Other cryptocurrencies like Cardano and Solana have also seen significant gains. Analysts attribute these trends to supply shock ratios and market conditions, with retail buyers showing interest in exponential growth opportunities.

Turkey's economy experienced a record 21.7% growth in the second quarter compared to the previous year, driven by cheap credit from state banks. However, analysts remain skeptical about the sustainability and quality of this growth. Inflation is expected to stay close to 19%, influenced by consumer demand, lira depreciation, and rising global commodity prices. President Erdogan continues to advocate for an interest-rate cut, but experts predict that any easing of rates is unlikely until the end of the year. The lira's value remains vulnerable to potential interest rate changes and global economic shifts.

FOO, a leading fintech provider from Lebanon, has opened an office in Nicosia, Cyprus, as part of its strategy to expand into Europe. Founded by Elie Nasr and Ghady Rayes, the company specializes in digital payment solutions and has a significant presence in the MENA region. FOO plans to leverage Cyprus's strategic location and infrastructure to grow its European operations, including opening offices in Spain and Eastern Europe. The company aims to collaborate with local universities, recruit local talent, and establish a delivery center in Cyprus. FOO's innovative work has been recognized with several awards, and it continues to seek investment for global expansion.

Turkey's central bank revised the criteria for short-term external debt, reducing it by $25 billion, which has raised concerns about the credibility of its data. The revisions improved Turkey's net international investment position but did not significantly affect the short-term debt to reserves ratio. Critics view these changes as superficial, aimed at improving the debt outlook amid dwindling investor confidence. The central bank's credibility remains under scrutiny, with experts expressing doubts about its reliability. Additionally, Turkey's Finance Ministry received $6.3 billion from the IMF, a point of contention in Turkish parliament.

Travel receipts in Greece increased by 51% in the first half of 2021 compared to the same period in 2020, driven by a significant rise in receipts from EU27 residents, particularly from Germany and France. Despite a decrease in the number of inbound travelers, the balance of travel services showed a surplus. June 2021 saw a record increase in travel receipts, with notable contributions from both EU27 and non-EU27 countries. Deputy Tourism Minister Sofia Zacharaki highlighted efforts to boost tourism in the upcoming months.

Europe faces potential natural gas shortages and significant price increases this winter due to low storage levels, increased demand, and reduced supply from Russia. The EU's storage facilities are currently below the necessary capacity to buffer against market fluctuations. Technical issues at global suppliers and the diversion of gas to higher-paying Asian markets exacerbate the situation. Experts suggest that prices may not ease until 2022, with hopes pinned on a mild winter to mitigate demand.

Libya is offering $100 billion in reconstruction projects to rebuild its infrastructure after a decade of conflict. The UN's initiative to stabilize the government has reduced the risk for foreign companies eyeing these projects. Key stakeholders include Italy, Egypt, Turkey, and Tunisia. Economist Kamal Mansouri and Libyan billionaire Husni Bey highlight the need for significant reforms and private sector involvement. The hydrocarbon sector requires legislative changes to sustain crude output. Interim Prime Minister Abdul Hamid Dbeibeh plans to allocate $4.9 billion for development, but private financing is essential for comprehensive reconstruction.

The Bank of Cyprus has adopted TeamMate+ Audit, a cloud-based audit management tool by Wolters Kluwer, to address internal audit challenges. Panayiotis Koumousis, manager of IT audit & data analytics, highlights the tool's benefits, including enhanced efficiency, consistency, and collaboration. The implementation has led to a paperless audit environment, improved reporting, and streamlined processes. The board views TeamMate+ as a valuable partner in the bank's digital journey, with plans to further develop its functionalities.

The Taliban's takeover of Afghanistan is seen as a significant shift in global power dynamics, potentially diminishing US influence and benefiting China economically. Analysts suggest this could negatively impact US markets and the dollar while boosting China's renminbi and bond market. China is poised to deepen economic ties with Afghanistan, leveraging its Belt and Road Initiative. Concerns persist about regional stability, particularly regarding Pakistan and India, and the potential for Afghanistan to become a terrorist haven. The Taliban's revenue sources are diverse, with significant income from taxing legal goods. Markets remain cautious, with some investors turning to gold amid the uncertainty.

Cyprus produced 80.3 thousand tonnes of potatoes in 2020, ranking among the smallest producers in the EU. The EU's potato cultivation area has significantly declined over the past two decades, with notable reductions in Poland and Romania. However, France, Belgium, and Denmark have seen increases in potato planting areas. The Paphos EBE reports ongoing infrastructure projects in Paphos, including road network improvements and unification of archaeological sites, expected to enhance the city's readiness for tourism by next year.

The Cyprus Securities and Exchange Commission (CySEC) imposed a €40,000 fine on London Capital Group (Cyprus) Ltd for non-compliance with market abuse regulations. Ancoria Bank reported its first profit after tax since its launch, with significant growth in its loan book and strong capital adequacy. The bank also demonstrated substantial excess liquidity, exceptional asset quality, and effective cost management, continuing its positive growth despite the pandemic.

The euro area's economy is recovering towards pre-pandemic levels, with economists predicting a positive start to the third quarter despite concerns about the Delta variant. Cyprus's annual growth is forecast at 4.3%, with inflation in line with Europe. Global GDP is expected to grow by 1.8% in the third quarter. The euro area's growth is moderate compared to the US, with inflation rising but not as sharply. The UK's growth is slowing due to supply-chain issues and Covid-19 isolation requirements. Germany's economy is projected to outperform the euro area average. High vaccination rates in Europe are reducing the likelihood of a Delta variant surge.

2021 marks a historic year for container shipping with carrier profits nearing $100 billion and average freight rates increasing by 50%. Drewry's Container Forecaster highlights the unprecedented market conditions, with record EBIT results and triple-digit growth rates for spot rates. The report anticipates continued volume growth through the third quarter, though supply chain disruptions and new environmental regulations pose challenges. Drewry warns of potential overcapacity in 2023 due to high levels of newbuild contracting, while supply-side disruptions remain a key driver of freight rates.

Air traffic in European airspace exceeded Eurocontrol's optimistic scenario in July, reaching 65% of 2019 levels. Eurocontrol attributes this to increased vaccinations and relaxed travel restrictions. Ryanair led in flight numbers, with significant recovery noted across other airlines like Turkish Airlines, EasyJet, Air France, Lufthansa, KLM, and Wizz Air. Financial reports from Air France-KLM and Lufthansa Group indicate positive cash flow, and Aeroflot's domestic traffic surpassed 2019 levels. The outlook for the industry is positive, with various airlines forecasting substantial recovery in passenger capacity for the current quarter.

Cyprus is emerging as a prime location for data centre investments due to its strategic geographical position, robust infrastructure, and supportive government policies. The local ICT market, valued at approximately €660 million in 2018, is experiencing significant growth, driven by increased cloud computing adoption and the rise of IoT applications. The government is investing €283 million from the EU-backed recovery and resilience fund to enhance digital transformation, including initiatives like e-government, smart cities, and broadband expansion. Local ISPs are also contributing by expanding fibre optic networks, offering higher bandwidth speeds at lower costs. Cyprus's favourable business environment, including a transparent tax regime and high quality of life, further strengthens its appeal as a data centre hub.

Cyprus is positioned to become a significant vendor of data centre services in the region, leveraging its strategic geographic location and strong relationships with Middle Eastern and African countries. The business culture in Cyprus is evolving to embrace private and public cloud solutions, driven by the need for cost-effective, convenient, and secure data management options. NCR Corporation, represented by Kyriakos Kyriakou, plays a pivotal role in this transformation, offering managed services and consulting for data centre development. However, the local market alone is insufficient for profitability, necessitating offshore service expansion and substantial investment from large corporations.

Cyprus agriculture is at a pivotal point, transitioning from traditional methods to Smart Agriculture. Myrianthi Oxtoby, a local farmer, has successfully adopted hydroponic technology, significantly reducing water usage and environmental impact. However, widespread adoption faces cultural and educational barriers, with many farmers skeptical of new technologies due to past misguidance. The Cyprus Ministry of Agriculture and Cyprus Agricultural Research Institute are working to overcome these challenges through training and support, aiming for broader implementation of Smart Agriculture. The Cyprus Recovery and Resilience Plan 2021 – 2026 includes projects to further develop competitive agriculture through technology and collaboration.

Cyprus is emerging as a regional technology and business hub, with data centres like CL8 and CytaGlobal expanding to meet the demand for digital transformation. The island's strategic location at the crossroads of Europe, Middle East, and Africa, along with developments in FTTH and 5G, positions it as an ideal destination for digital presence. The global pandemic has accelerated ecommerce and remote working, increasing the need for data centre services. Invest Cyprus and CEO George Campanellas recognize the economic benefits and potential for foreign tech investments. CytaGlobal's participation in the PEACE subsea cable system and plans for new data centre facilities highlight the growth in this sector. The country's EU membership and safe environment also make it an attractive disaster recovery location for businesses in politically unstable regions.

European secondary data centre markets are poised for growth as the expansion of the five main markets is unsustainable. Demand for edge data centres, which are smaller and closer to urban populations, is increasing. JLL's analysis of the 2020-2021 data centre market revealed a high demand with significant construction pipeline and robust M&A activity. Cloud demand dominated in North America, and despite a global IT spend decline due to the pandemic, a rebound is expected in 2021. Key markets like Amsterdam and Madrid are growing, while challenges in securing urban space and capital expenditure on infrastructure are noted.

Andros Karayiannis, an IT consultant with over 50 years of experience, discusses the growing interest in Cyprus data centres due to the country's EU membership and GDPR compliance, offering enhanced data security. He highlights the benefits of cloud services, such as cost savings and reduced need for in-house data centres and personnel. Cyprus data centres also offer business continuity plans for regions with geopolitical issues. Challenges include the high cost of Uptime certification and slow international data connections. The trend towards cloud-based services like Infrastructure as a Service and Software-as-a Service is driving more companies to use data centres.

Data centres are increasingly seen as valuable investments due to their role in supporting next-generation technologies like AI and autonomous vehicles. Cyprus is positioning itself as a tech hub, benefiting from trends such as edge computing and improved international connectivity. The island's EU membership provides a regulatory advantage, and its growing pool of tech talent is attractive to investors. While Western Europe leads in data centre construction, Cyprus is emerging as a strategic location, particularly for Middle Eastern markets, which are experiencing rapid digital transformation and increased demand for data services.

Bitcoin has experienced a significant drop from its April high of $63,000, but analysts predict a rebound in the medium to long term. Factors such as the Delta variant's impact on risk appetite and the growing acceptance of Bitcoin by institutions and major companies are influencing market dynamics. Analysts are divided on the extent of the rebound, with some expecting gradual improvement and others predicting significant price increases. Key figures like Elon Musk, Andreas Vlachos, and Tim Draper express optimism about Bitcoin's future, while technical analysts highlight strong fundamentals and increasing demand. Companies like Tesla, MercadoLibre, and Microsoft are noted for their involvement with Bitcoin.

The global real estate market is experiencing a boom, with Cyprus witnessing a 43% increase in real estate contracts in June compared to the previous year. The pandemic initially caused a downturn in investments, but with low interest rates and economic recovery, markets from the US to Europe are seeing significant price increases. Germany, Portugal, Sweden, and the Netherlands are among the countries with notable market activity. However, concerns are rising about the widening gap between the 'haves' and 'have-nots,' particularly affecting young people's ability to access the property ladder.

The Cyprus Securities and Exchange Commission (CySEC) has significantly expanded its oversight, now supervising 790 entities and 9 trillion transactions, marking a 200% growth since 2011. Chairwoman Demetra Kalogerou announced new cryptocurrency regulations and the development of a regulatory sandbox for fintech innovations. CySEC is also working on a draft law for fund administrators and enhancing its data-driven supervision capabilities. The Ministry of Finance supports CySEC's expansion, emphasizing the importance of strong supervision for a robust capital market. The regulatory landscape in Cyprus now aligns with EU standards, aiming to make Cyprus a reliable investment destination.

Ryanair plans to hire 2,000 pilots to crew its new Boeing aircraft, marking the largest recruitment drive in the aviation industry since the pandemic began. The airline aims to carry over 200 million passengers by the end of its financial year 2024. Ryanair recently received its first Boeing 737 MAX aircraft, with more deliveries expected soon. The new planes are expected to reduce fuel use, carbon emissions, and costs. Despite cutting 3,000 jobs last year, Ryanair did not reduce its pilot workforce, although pilots agreed to a temporary 20% pay cut.

The spread of the Covid-19 Delta variant poses a threat to Europe's economic recovery, with infection rates rising significantly. Economists express concerns about potential negative impacts, although current hospitalisation and death rates remain stable. The European Commission's growth forecasts for 2021 do not account for a new wave triggered by the Delta variant, but the risk remains. Despite the rise in cases, fresh lockdowns are considered unlikely, and the high vaccination rate among EU adults provides some reassurance.

As travel restrictions ease with the availability of the EU Digital Covid-19 Certificates, the article compares travel costs across various European countries. France is highlighted as the most expensive destination, followed by Malta and Switzerland. Denmark and the Netherlands are also costly, while Italy and Germany offer more affordable options. Spain and Portugal remain accessible, and the cheapest destinations include Estonia, Czech Republic, Croatia, Bulgaria, Hungary, Romania, Slovenia, and Poland. Cyprus is also mentioned for comparison, with an average daily cost of €82.

Cyprus is actively working on a response to the OECD's minimum corporate tax proposal, which has been agreed upon by the G7 and G20. The proposal, part of the BEPS 2.0 initiative, aims to impose a minimum corporate tax rate of 15% and reallocate profits of large multinationals to market jurisdictions. Cyprus, although not a BEPS member due to Turkey's veto, is participating in EU discussions and is expected to sign the accord to avoid being blacklisted. The proposal could impact Cyprus's tax incentives, but experts suggest that the country can leverage its other advantages, such as strategic location and infrastructure, to remain competitive. The European Commission plans to ensure consistent application of the rules within the EU.

The Institute of Certified Public Accountants of Cyprus, led by Kyriakos Iordanou, emphasizes the need for a comprehensive transformation of Cyprus's tax system to align with global tax developments and maintain its status as an international business hub. The proposed transformation aims to create a modern, progressive tax framework that supports economic growth, social cohesion, and fiscal stability, while also meeting European Union commitments. The initiative calls for a public consultation involving all economic stakeholders and highlights the importance of integrating technology and e-government tools into the new system.

The European Commission has revised its forecast for Cyprus' economic growth in 2021 to 4.3%, up from 3.8%, aligning it more closely with the EU and euro area's 4.8% growth forecast. The report attributes this to a strong rebound driven by domestic demand, fiscal stimulus, and non-tourism service exports. The accelerating vaccination pace and improved epidemiological situation have led to relaxed restrictions, supporting sustained growth. However, the tourism sector's recovery remains gradual. For 2022, Cyprus' GDP is expected to grow by 3.8%, bolstered by favorable domestic and external demand prospects and the Recovery and Resilience Plan. Inflation is projected to stay low, at 1.3% in 2021 and 2% in 2022. The EU as a whole also shows higher growth rates, driven by effective virus containment and economic reopening.

Stelios D. Himonas, the permanent secretary at the Deputy Ministry for Research, Innovation and Digital Policy, outlined Cyprus's plan to become a hub for ICT companies during an Invest Cyprus conference. The plan includes creating a new incentives framework with four pillars: institutional environment, human capital, infrastructure, and branding Cyprus as a science and tech destination. Initiatives such as the digital nomad visa, EU blue card, and a favorable tax framework aim to attract professionals and companies. The government is also focusing on digital transformation, including e-signatures, eID framework, digital justice system, cloud-first policy, and upgrading telecom infrastructures. A digital services factory and a one-stop shop for businesses are part of the efforts to simplify and digitalize business processes. The national Resilience and Recovery Plan includes over €280 million for digital transition, with additional national funds for ICT projects.

Britain is set to secure an exemption for financial services from a new global tax system agreed by the Group of Seven economies. The UK argued that financial services should be exempt due to regulatory requirements for banks to be separately capitalized in each jurisdiction. The OECD negotiations, concluding on Thursday, have accepted the UK's case, but UK Chancellor Rishi Sunak had to make concessions to the US regarding Britain's digital services tax. The new global tax rules aim to make companies pay more tax in the countries where they operate.

A significant number of tech companies are increasingly working remotely with developers, a trend that began before the pandemic due to a scarcity of developers and has been accelerated by the pandemic. This approach allows companies to control costs and access necessary talent, contributing to their growth and the local economy. However, managing remote workers can present challenges in engagement and retention, which can be mitigated through team-building activities. The trend of mixing remote work with on-site developers is expected to continue growing.

Soffos.ai emphasizes the importance of finding AI developers who not only possess technical skills but also align with the company's culture and values. The company offers tailored personal benefits to attract talent, including career progression opportunities and the freedom to work on personal projects. Soffos.ai has also launched an internship program to foster innovation and entrepreneurship among post-grad students and postdoc scholars. The article highlights the need for government support to attract high-skilled developers and promote digital innovation in Cyprus, noting the establishment of the Deputy Ministry of Research Innovation and Digital Policy as a positive step.

MUFG Investor Services, a Cyprus-based fintech company acquired by Mitsubishi UFJ Financial Group, faces challenges in recruiting developers with financial experience. Stylianou, a company representative, highlights the difficulty in sourcing qualified developers locally and the need for a relocation package to attract talent from abroad. The company recruits extensively in Eastern Europe and has opened an office in Lithuania to access a broader talent pool. Stylianou suggests that Cyprus could benefit from apprenticeship schemes similar to those in Belarus to better prepare local developers.

Cyta emphasizes the importance of IT in business strategy and highlights its efforts to attract and retain skilled developers through competitive salaries, benefits, and involvement in innovative projects. The company relies on its experienced in-house IT department and collaborates with global partners to meet specialized skill needs. Cyprus is making strides to attract foreign investment and tech talent, but requires a concerted effort from all stakeholders and government support to create a nurturing environment for local talent and attract foreign developers.

Despite strong economic indicators, the British pound is declining against the euro and dollar, attributed to skepticism from the Bank of England about the UK's economic strength. The BoE's cautious stance on interest rates and inflation, along with Brexit-related tensions and Covid-19 restrictions, contribute to the pound's struggles. Meanwhile, the euro gains support from rising business confidence in Germany and France. Analysts remain cautious about the UK's economic prospects, awaiting more positive data.

Alexander Sobolev, leading a team at Wargaming, emphasizes the need for skilled developers and the advantages of Cyprus for attracting talent. His team, involved in the critical ideation phase of game development, is small but highly proficient. Despite challenges, remote work has been effective for programming tasks, though in-person meetings are essential for creative processes. Sobolev highlights the importance of building a developer community in Cyprus and the company's efforts to collaborate with universities to nurture young talent.

Cyprus is positioning itself as a software development hub amidst a European shortage of developers. Invest Cyprus is spearheading efforts to attract skilled developers by enhancing recruitment strategies and offering competitive salaries and perks. The article highlights the salary disparities across Europe and the US, emphasizing the need for Cyprus to offer attractive packages to compete. The publication delves into the strategies of Cyprus tech companies and showcases the lifestyle and opportunities for developers in the country.

Cyprus has a vibrant developer community and needs to establish itself as a unique IT innovation hub rather than replicating other countries' models. Key areas for improvement include taxation, investment incentives, a tech-friendly immigration system, talent availability, and digital infrastructure. Social integration and customized lifestyle offers are also crucial to attract and retain top tech talent. Successful implementation of these strategies will position Cyprus as a globally recognized IT innovation center, bringing economic and social benefits.

Cyprus is actively developing an ecosystem for software developers, with nearly 2,000 open positions. Companies are increasing salaries and benefits to attract talent, with a particular demand for backend, frontend, and full stack developers skilled in REACT, Java, C++, and iOS/Android. Despite efforts to recruit locally and abroad, there is a need for on-the-job training to prepare developers. Cultural transformation and soft skills development are also crucial for employee retention. The government's Fast-Track Approval process and Invest Cyprus are facilitating company operations, but challenges remain in bureaucracy and providing incentives for digital nomads.

Workers in Cyprus have increased their working hours and reduced absences, yet have experienced a decline in income, with an 8% drop, the third largest in the EU. The pandemic's impact on Cyprus's GDP is 5.7%, according to the Cyprus Institute of Chartered Accountants. Despite these challenges, economic sentiment is improving, with the University of Cyprus Economic Research Centre noting a rise in the Economic Situation Index. The report highlights that youth and women are disproportionately affected by income losses, while Cyprus shows stability in financial distress among lower-income groups. The services sector is seeing positive turnover expectations, while construction faces a slight decline in business climate.

The UK government is set to review its Traffic Light classification system for travel destinations, but little change is expected. The PC Agency and other reports suggest political interference is hindering travel recovery. Malta has the best chance of being added to the green list due to high vaccination rates. The World Travel & Tourism Council warns of significant economic losses and job risks if international travel remains restricted. The government is considering removing quarantine for fully-vaccinated travelers to Amber-classified countries, but no immediate changes are expected.

The radio broadcasting industry in Cyprus remains robust with 37 active broadcasters, despite a general decline in the EU. Cyprus has the third highest ratio of radio broadcasting enterprises per million inhabitants in the EU. The number of radio enterprises in Cyprus has been stable over the past decade, contrasting with the broader EU trend of decline. Deloitte's research indicates that radio is more resilient than television, with people underestimating their radio listening habits.

European air traffic has risen to over 50% of pre-pandemic levels, with Ryanair leading in the number of flights. Turkish Airlines and KLM follow in second and fifth places, respectively. The International Air Transport Association predicts a strong global air travel recovery by 2023, with passenger numbers expected to surpass pre-COVID-19 levels. However, the pandemic is projected to result in a loss of 2-3 years of growth, with long-term revenue growth slightly lower due to increased domestic and short-haul travel.

Tesla's new €5.8 billion electric vehicle plant in Gruenheide, Germany, faces delays due to environmental opposition, bureaucratic hurdles, and planning adjustments. The plant, expected to create 12,000 jobs and produce 500,000 cars annually, has not yet received final approval from Brandenburg's environmental agency. Environmental groups like Nabu and Gruene Liga have raised concerns about the plant's impact on local habitats and water protection zones, leading to legal challenges. Despite these issues, some local politicians support the plant for its potential economic benefits and contribution to emission-free mobility.

Cyta reported its highest after-tax profit in nine years, amounting to €70.8 million for 2020, and anticipates a positive outlook for 2021. Despite a slight revenue decline, Cyta's resilience during the pandemic was emphasized. Key investments include the Cyta Fiber optical network, 5G network, and an International Data Storage Centre. Cyta aims to attract new customers, including the Cypriot state, by leveraging its advanced infrastructure and strategic location. The company remains committed to sustainable development principles.

Cyprus is not a tax haven but a competitive investment destination due to its legal framework, natural wealth, and skilled labor, according to Finance Minister Constantinos Petridis. He emphasized the resilience of the Cypriot economy, which has attracted global foreign investment since the 2013 financial crisis. Petridis sees the G7's proposal to harmonize corporate tax as an opportunity for tax reform. Despite the pandemic, Cyprus's economy is expected to grow by 4% in 2021, with tourism recovering in the medium term. However, current travel restrictions, particularly from the UK, pose challenges.

Bitcoin is recovering from a recent downturn influenced by Elon Musk's tweets, with the cryptocurrency rising again due to institutional investments and El Salvador's decision to make it legal currency. Analysts and industry leaders express optimism about Bitcoin's long-term prospects, despite recent volatility. Institutional interest continues to grow, with companies like Microstrategy and Victory Capital increasing their investments. Technical analysis suggests Bitcoin has hit a floor at $30,000 and is poised for a rebound.

The article discusses the rise of FinTech and InsurTech companies and their impact on the traditional banking and insurance sectors. It highlights the demand for personalized and flexible services, especially through mobile phones. FinTech firms are gaining ground by offering more accessible customer acquisition methods and challenging the dominance of established financial institutions in the $100 trillion payments market. InsurTech companies have also raised significant funding and are innovating in response to changing customer needs. The article notes the growth of peer-to-peer and online lending, particularly in the SME loan market in the UK and the US. It also mentions the potential threat to incumbents from large technology platforms entering the financial services space, leveraging their vast consumer networks to offer banking and insurance products.

Despite recent concerns about a recession in Italy and its potential threat to Europe, the situation is not as dire as some have suggested. The European Central Bank has warned of recession risks, but growth forecasts from Fitch Ratings and the International Monetary Fund remain positive, with Europe expected to see growth of around 1% in the coming year. Philip Lane, the next chief economist at the ECB, believes the growth slowdown in Europe will be limited. Wealth managers like Brad Conger of Hirtle Callaghan are optimistic, citing current resource prices as a reason for positivity. The IMF predicts global growth at 3.5% in 2019, increasing to 3.6% in 2020, with internal demand and employment growth supporting Europe's economy. Trade turbulence and political concerns, including Brexit, have impacted Europe, but FocusEconomics expects growth barriers to ease by year-end. S&P economists predict a 1.6% growth for Europe in 2019, driven by domestic demand. Despite Italy's technical recession, ING Bank economists see strong exports and employment as signs of a potential quick recovery, with improved real disposable income and lower inflation expected to boost private consumption.